Results 261-280 of 6,295 for speaker:Michael D'Arcy

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: If I may respond, we will be happy to consider that on Report Stage.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 2: In page 3, to delete lines 19 to 29 and substitute the following: “ “consumer” has the meaning given to it by paragraph (a) of the definition of that expression (as it is defined in relation to a financial service) in section 2(1) of the Financial Services and Pensions Ombudsman Act 2017 but, for the purposes of this Act, that paragraph (a)...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 3: In page 3, between lines 31 and 32, to insert the following: “ “durable medium” means any instrument that enables a recipient to store information addressed personally to the recipient in a way that renders it accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 4: In page 4, to delete lines 4 to 6.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 5: In page 4, between lines 6 and 7, to insert the following: “ “insurance intermediary” has the meaning given to it by Regulation 2 of the European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229 of 2018);”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 6: In page 4, to delete lines 7 to 9 and substitute the following: “ “insurer” means an insurance undertaking, that is to say, an insurance undertaking within the meaning of, as appropriate, Regulation 3 of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015), Regulation 2 of the European Communities (Non-Life...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 7: In page 4, between lines 9 and 10, to insert the following: “ “life insurance” has the meaning given to it by Regulation 3 of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015);”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 8: In page 4, between lines 10 and 11, to insert the following: “ “non-life insurance” has the meaning given to it by Regulation 3 of the European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No. 485 of 2015);”.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 9: In page 4, to delete lines 11 to 13.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 10: In page 4, to delete lines 14 to 16.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 11: In page 4, lines 18 and 19, to delete all words from and including “(1) Except” in line 18 down to and including line 19 and substitute the following: “(1) Except where otherwise provided, each provision of this Act applies to life and non-life contracts of insurance entered into, and variations to such contracts of insurance agreed, between...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: The intention would be that the Act would be commenced as one. That is to be decided by the Minister afterwards.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: My view is sooner rather than later. If the Deputy is asking me if I agree with the three-year period of the insurance companies, I do not.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: This legislation is prospective rather that retrospective. We have asked the Attorney General for clarity on that. We have not got a conclusive position yet but we will have one for Report Stage. Most insurance is for a one-year period. Anything that would lapse prior to enactment of this Bill would lapse without this provision attached to it, but on renewal it would subsequently be live.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I will put it like this. The objective is to improve the interaction between the insured and the insurer and to improve the balance. We are not doing this just to leave it sit on the table. My expectation is that it will be sooner rather than later.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 12: In page 4, to delete lines 20 to 23 and substitute the following: “(2) This Act does not alter or affect any rights or obligations concerning or arising from— (a) a contract of reinsurance, (b) a contract of insurance that falls within class 1(d), 4, 5, 6, 7, 11 or 12 referred to in Schedule 1 to the European Union (Insurance and Reinsurance)...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I move amendment No. 13: In page 4, between lines 28 and 29, to insert the following: "Amendment of Schedule 2 to Central Bank Act 1942 3. The Central Bank Act 1942 is amended in Part 1 of Schedule 2 by the insertion of the following: " 47 No. ___ of 2019 Consumer Insurance Contracts Act 2019 Sections 8, 9, 11 and 14 ". This group of amendments...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I am not overly concerned about which direction we go in because both are retained in effect. If we delete the section, the Central Bank has the power to issue the code. Whether it is codified or not, the Central Bank still has the legal authority to do so. Frankly, I am easy with it being deleted or not. What we want to try to do with this is make sure that the first port of call is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: I am flexible. I am not concerned, whether it is withdrawn or left, that the effect which both the Deputy and I want is changed. It is a whether or which. In my view, it is overdrafting.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Consumer Insurance Contracts Bill 2017: Committee Stage (11 Jul 2019)

Michael D'Arcy: That is fine. I would be happy to do that.